Broadcom Limited (AVGO – Free Report) released its first-quarter fiscal 2018 financial results, posting adjusted earnings of $5.12 per share and revenues of $5.33 billion.
Currently, Broadcom is a Zacks Rank #2 (Buy) and is down 1% to $265 per share in after-hours trading shortly after its earnings report was released.
Beat earnings estimates. The company posted adjusted earnings of $5.12 per share, beating the Zacks Consensus Estimate of $5.04 per share.
Beat revenue estimates. The company saw revenue figures of $5.33 billion, topping our consensus estimate of $5.32 billion.
Broadcom’s revenues jumped 29% from $4.14billion in the year-ago period. Looking ahead to its upcoming quarter, Broadcom expects to post revenues between $4.92 billion and $5.07 billion—our most recent consensus estimate calls for $5.03 billion.
“In the second quarter, we expect to sustain topline momentum with strong data center demand for our networking and enterprise storage products, and a seasonal recovery in broadband access, to offset a sharp seasonal decline in wireless,” CEO Hock Tan said in a statement. “Importantly, we expect gross margin to expand and drive free cash flow above our long-term target of 40 percent of revenue.”
Here’s a graph that looks at AVGO’s Price, Consensus and EPS Surprise history:
Broadcom Limited Price, Consensus and EPS Surprise
Broadcom Limited Price, Consensus and EPS Surprise | Broadcom Limited Quote
Broadcom Limited is a designer, developer, and supplier of analog and digital semiconductor connectivity solutions. The company provides data center networking, home connectivity, broadband access, telecommunications equipment, smartphones and base stations, data center servers and storage, factory automation, power generation and alternative energy systems and displays